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UMBRELLA POLICY - A NECESSARY EXPENSE

In this day and age when people in our society are so litigIous, there is a need for agents to buy an umbrella policy along with their car insurance policy. We take customers out to see houses in our cars. I talked to some agents about umbrella policy and some of them made a comment that they don't take customers out in their car. They let the customers follow them. Fine and dandy! However, there are instances when you don't expect it and the customer wants to go with you in your car. There are times when I do take them in my car. It gives me more time to get acquainted with them. I find out exactly what their needs and motivations in looking for a house. Sometimes these things do not come out in an office interview because they somehow feel being scrutinized. In my car, I get conversational. It makes them feel relaxed and they seem to open up to you. But who knows? You can be an excellent driver but sometimes, accidents do happen. If your passengers get hurt in an accident, you can be liable. To protect yourself, you should buy an umbrella policy. When I was with my old office, all agents were required to carry an umbrella policy and when I changed office, I did not abandon my umbrella policy. I keep it so I know I'm protected. It's a necessary cost of running a business and you should consider getting one. You should talk to your insurance agent and ask for advice. It's worth it!!!!

Posted by Rosalinda Morgan, "The Rose Lady", Brookville NY Real Estate Professional on 03/05/2008 10:03 AM

Comments (7)

real estate, cost of running a business, insurance, umbrella policy, litigation, business cost, real estate tips

7 Comments on UMBRELLA POLICY - A NECESSARY EXPENSE

Rosalinda, an excellent post. This isn't often addressed and I'm glad to see you post it. It just makes sense to have the coverage.

03/05/2008 10:06 AM

by Steve Hoffacker - Real Estate Sales & Marketing Consulting and Strategies (Hoffacker Associates)

Rosalinda, yes I carry the umbrella as I advise everyone to. The cost is very low under 500 a year, and remember it is a write off.

03/05/2008 10:13 AM

by Frank Rubi Louisiana Real Estate-Homes for Sale (Specialized Real Estate Services, Inc.)

Not an option, but a necessity.

03/05/2008 10:14 AM

by Joyce Windschitl - MN, FL, WI & CO Mortgage Consultant (Prime Mortgage)

Rosalinda, you are absolutely correct. You never know when something might happen. I've had an umbrella policy for the last few years and fortunately have not had to use it, but I know it is there should something happen.

Thanks, Good Post!

03/05/2008 11:04 AM

by Michael Setunsky (Michael's Commercial LLC)

Great post Linda. It actually happened to my wife Kimberly while she was showing houses. A young teenage girl dropped her cell phone, crossed over to my wife's lane and hit her head on. Luckily everyone was just a little banged up, but it could have been much worse. Obtain an umbrella policy because you never know!

03/05/2008 12:13 PM

by Kevin Bungert (Living Well Systems, Inc.)

Steve - Thanks. It's really important to get the coverage.

Frank - I'm glad to hear you carry the umbrella. It's inexpensive and you get that peace of mind.

Joyce - You're absolutely right.

Michael - Thanks. I have not used mine either but it's there in case something happen.

03/05/2008 01:18 PM

by Rosalinda Morgan, "The Rose Lady", Brookville NY Real Estate Professional (Century 21-Laffey Associates, Licensed Associate Broker)

Kevin,

Thanks. Accidents do happen and I bet you were glad Kimberly had the coverage. Thank goodness, nothing horrendous happened.

03/05/2008 01:25 PM

by Rosalinda Morgan, "The Rose Lady", Brookville NY Real Estate Professional (Century 21-Laffey Associates, Licensed Associate Broker)

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